However, Aramco CEO Khalid al-Falih played down Saudi policy's part in the tumbling oil price while talking at a conference Tuesday morning, according to Reuters. Here's what he said:

"The math will tell you that our exports ... are gradually declining so ‎the reason for the imbalance in the market absolutely has nothing to do with Saudi Arabia," chief executive Khalid al-Falih said at a conference in Riyadh.

"I would not venture to guess where the (fair oil) price will be but it will be the price that ultimately balances supply and demand, and I don't think that anybody, no single person can dictate what that price is. I will be foolish if I did that."

He added that the oil price may have been too high before but that it had become "too low for everyone." Western drivers may disagree.